Technology has come so far in such a short time, and business have reaped many benefits because of it. Businesses are able to follow calculations that help them determine how to better target their ideal customers, or do business in a more profitable way. Algorithms are the latest buzz in the business world. They are found everywhere, from your camera to even your Instagram feed now. Business have caught on, and are using algorithms to help them optimize their performance.
Contextual algorithms narrow it down even further. Companies can run reports and the data provided can only help them so much. Contextual algorithms help them put the data into context with their business, so they can really understand how it pertains to them specifically. This intelligence is helping businesses understand their customers, hiring process, employees, and many more departments much better.
Contextual algorithms can help understand the purchasing patterns of their customers. They can help predict what a customer will do, or won't do, while trying to understand why. This helps a company review and revise its marketing plan if need be. They can also help a company understand any correlations with website engagement and purchasing probabilities. Technology has even come far enough to help a business know when and where a customer is, so they can cater their marketing efforts to be relevant to the customer at the perfect time.
These algorithms are also helping many company's human resources department when it comes to employees. Contextual algorithms can help a company scan through resumes and help pick the most qualified candidates for an open position. This helps free up some of the recruiter's time, while making sure that the best possible applicants are interviewed. One huge expense is the hiring and training of employees who are not a good fit for the role, and who eventually end up quitting or losing their job. Contextual intelligence can help prevent this from happening. This kind of "smart" selection helps a business improve its revenue per employee, by helping choose the most efficient employees.
Not only does contextual intelligence help choose and hire the best possible employees, but it helps transform those already working for a business. By analyzing traits of the most efficient employees, they can be "cloned" by using contextual intelligence. This can assist in training and improving employees that are already with the company. On top of that, it can help ensure employee happiness to improve retention rates. It can be argued that the happiness of your employees can either make or break your company. Employee happiness is known to improve their productivity, which only increases the revenue per employee.
Although contextual algorithms are not a completely new concept, they are becoming more and more helpful in all realms of the business world. Not only do they help with marketing and understanding purchasing behaviors, but they have also transformed the human resources department. By using contextual algorithms to determine how and why customers buy when they do, and choosing the best employees for your company you are saving yourself a lot of time while increasing the value of a company.
Find more from Gabrielle at Writing on a Whim.